Technical & Fundamental Oil Reports Specialists

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Higher – stay long and buy dips to the 5 day MAs

Published Friday, June 20th, 2014

The trend is up. Targets higher were hit yesterday on Heat to 304.83; RBOB to 310.95 and Gasoil to 940.25. The closes generally were good enough for there to be further objectives above the market to 116.16 Brent; 308.43 Heat; to 313.86 RBOB (effectively hit with high at 313.74 yesterday). The stochastics are positive, although a bit high and wavering on WTI. Buy dips to the 5 and 8 day MAs on all contracts bar WTI. It is not advised to be short. WTI is the weakest link and a relative underperformer. It has no target higher until it can close over 106.84, whereupon the objective would become 107.68. However, there are better contracts to be long and therefore look to acquire length elsewhere. Support is at the 5 day around 105.98 followed by the 8 around 105.68. Brent closed over 114.69 thereby green lighting the next target higher to 116.16

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Posted by Robin Bieber